The Mysterious World of NFT

In the world of crypto and NFTs, it's funny to read people state that, "criminals have apparently stolen crypto assets worth $80 million" and then later go on to say that crypto and NFTs have no value. So, which is it?

Most people embedded in the traditional finance system hate NFTs and crypto. They’ll begin to tell me how crypto is used for wash trading, money laundering, or as a casino. And then there is me and those like me, the contradictions which they don’t understand. Those who have kids and enjoy community.

Aside from number go up mentality. I believe those in their 20s, 30s, and 40s are buying NFTs for a sense of community which is often lacking in today’s society.

https://twitter.com/cryptilt/status/1629651728139444224?s=46&t=XaKOizai24cRm5WEMfiH3Q

Yes, there are those who are trying to get rich quick but there are also communities out there. I’ve been meeting fellow NFT owners throughout Covid and still meet via Zoom, last year we got together for a gathering. One NFT sold by the Sacramento Kings gave me tickets to the game. Some NFTs have utility and I don’t expect most people to understand. I bought an NFT and then also bought the associated oil paint. I’ve made shirts and skateboards of my NFTs. I own MetaVerse properties across multiple platforms where many of these NFTs are displayed which is initially why I started buying NFTs in 2020.

I came to this space because I saw the time and money being spent in Roblox, MineCraft, and Fortnite with my own kids buying in-game assets which they don’t own. In my opinion, it will be the future of advertising and in-game assets. I hold more NFTs than most and don’t sell often. I alone am a contradiction to those skeptics. I see these NFTs more as collectibles than as investment and I don’t believe people should spend what they can’t afford to lose. Many NFTs will be a waste of money.

I know that most don’t get it and that I was lucky to be in early, but few can speak on this with firsthand experience, as an early Bored Ape Yacht Club holder, I believe I can. I bought in at $1K from a friend’s suggestion. I later claimed a BAYC Kennel dog and sold since it wasn’t my style for double my buy-in on the BAYC. We later received a ‘serum’ which was sold for another gain in ETH. People were often surprised that I hadn’t sold yet but it became part of my persona. I then received APECOIN and sold a majority to pay taxes. So many people sold their BAYC NFTs during the time and yet holding it netted me plenty of gains plus the notoriety of being a BAYC member where the buy-in is now about $100K. The price is just a reflection of its current demand or perceived value vs its scarcity. All high-quality brands play on this, it’s basic economic but can be validated on the blockchain’s.

It’s the luxury sports car of NFTs. People don’t want me to sell just because they want to know someone with a BAYC, coolness by association. Aside from people like Snoop Dog, I also know a few companies that have integrated BAYC into their brands for advertising and $100K it cheap by most advertising standards. The difference with BAYC from many other NFTs is the commercial use rights of the ape which is associated with a larger brand almost like a franchise. Only two years in, it’s still early.

Disclosure Statement: The content being provided is an opinion piece for discussion and educational purposes only. One should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing presented here constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments whatsoever. Do your own research and due diligence. Seek proper council. Make your own decisions based on your level of risk and level of knowledge. Realize that any investment could result in loss. Don’t risk what your not willing to lose.